I’ll admit – I’ve been on a buying frenzy for Amazon FBA… what a zoo it’s been the last few weeks! I think it’s “retail therapy gone wild”. 😉
Now I’ve got “piles ‘o stuff” that needs to get shipped off to Amazon. I’ve given myself a cut-off date to get everything I can shipped off by November 15th(ish). Of course – I’ll still be sourcing and shipping to Amazon – but with holiday company and decorating etc. starting about that time… I hope to have the majority of the “4th quarter” inventory in the FBA warehouse and selling by mid month.
Of course – most of my sourcing has been “toy centric” – makes sense to go after the toy market in the last quarter of the year… right?
I’m also trying (testing) a few different things to sell on Amazon that are Not Toy Related. I want to have products that I can sell all year… not that toy’s don’t sell all year long – but I like to have my $ diversified (sort of like the stock market).
I don’t just sell “New” toys – I sell Collectible toys/games as well… because the return is so high when they sell. They are slower to sell – just like used books… but when they do sell it’s like a big “Cha Ching” going off in my neck of the woods.
Some of the categories I have dived into are food (grocery), health, beauty and pet related. So far – it’s the food category that is “working” for me. Of course – I still have more (much more) testing to do… but I’m finding that it’s (for the most part) a good category. When I have real “figgers” for ya, I’ll share.
When I hit the Thrift Stores… I look everywhere, not just in Toys and Books. I’ve found some great buys on shelves and in the little baggie wall. I love 50% off day, but sourcing is good every day. I always have my 20% off coupons in my purse for the Goodwill store (every penny saved is good for ROI).
I’ve been on a tear learning to purchase “Tax Exempt” locally. It’s also a huge money saver – and I’m putting together an entire special report for the process in a variety of stores. I have saved $100’s of dollars so far… and I’ll teach you how to do the same!
Put Together A Shopping Binder
Do you have a “shopping binder”? I put one together a few weeks ago and the stores are getting used to seeing the old lady with her purple binder and cell phone “trolling” the aisles. LOL
This three ring binder has two pockets built in (front/back) – I store my sales ads, pen and today’s store “go-to” list in these pockets.
I bought a packet of “collectible card holders” for the back of the binder. These hold coupons, store gift cards and my top 5% list. (I’ll explain the top 5% list in another blog article later this week)
I have a “pocket” insert for receipts – one side holds “today’s receipt’s and the other side is for the return’s receipts – (I often have products that I return – because after more research they don’t have a good ROI).
The rest of the binder is divided by store – and then I have some dividers for category’s like “food”. I even have a divider tab that just say’s “LOOK” – this one is for products I need to look for everywhere.
When I get an idea for a product to source or someone shares a “good buy” somewhere. I print out the information and stick it in the binder.
Sales Slump or Keep You Up At Night With Worry
I have to say… I usually let my hubby do all the worrying for us. He is a master at this… and I say “let him have at it”. 🙂
But – I’m in charge of watching what’s selling (and how much is selling) on Amazon and I have some days that are just a “slump” day. It seems that no matter what I “reprice” – I can’t get a sale. Grrrrr.
I have enough inventory listed on Amazon… that’s for sure… and I have many products in the “buy box” – so what’s the problem? Whoooo Knooows???
I try not to worry… worry makes me to stupid things – like chasing the price to the “non-profit” territory.
Then I read that someone else is having “really good days” in sales. (I’m a member of the fbafinds.com forum and active!) Not just a Day – But Days of good sales! Misery loves company and yet I don’t want to see anyone else filled with worry or regrets about starting a “sell on Amazon business”. And yet – when I see someone having good sales and I’m in the midst of a slump – this is it’s own kind of misery.
Instead of “watching” for sales – I just have to get busy sourcing and shipping. I can always find something at the thrift store for cheap! 😉
The reason I’m in this business is to make money for goodness sake… and I am making money don’t get me wrong. I just wish (isn’t ever going to happen) that I could count on consistent days of sales.
I’ve got a reader who is having consistent slump sales days… and wanted to know what I thought he should do. After going over his “business” briefly – we came to the conclusion that he just didn’t have “enough” inventory on Amazon and was going to have to wait until he had more $ to invest.
I’ve seen (with my own eyes) others take $400 and invest in inventory and turn that investment into $900 + and then do it again and again. It’s not hard – it does take research to know what products to purchase, what to price them at and when to cut your losses and sell out (so you can reinvest in new inventory).
You don’t “have” to go on a buying frenzy like I am and spend a ton… you can build slowly over time.
The difference is this… if you are expecting to take $1000 and buy inventory – and then have that pay all your bills – you are dead wrong. If you invest $1000 in inventory – you might make a few hundred dollars this month… and then a few hundred more next month etc. If you invest $10,000 – you can expect larger returns. And you must keep reinvesting!
Edited out some stuff about investing in inventory vs. investing in stock market. LOL
I’m just saying…
“The money is made in the sourcing, not the shipping”… Always Be Sourcing!